Thursday Papers: US launches $400bn Libor case

Top stories

The Times: The US government has filed what could be the largest Libor scandal-related lawsuit yet against some of Britain’s biggest lenders, alleging that their role in rigging borrowing rates had played a part in the collapse of American banks once worth more than $400 billion.

Financial Times: Stanley Fischer, one of the Federal Reserve’s top policymakers, has attacked attempts to reverse the post-crisis drive for tougher regulation, calling efforts to loosen constraints on banks “dangerous and extremely short-sighted”.

The Daily Telegraph: The rise of the UK’s nascent shale industry is "overhyped" and 55 million years too late, according to new research of the UK’s geology.

Financial Times: The number of EU nationals working in the UK has hit a record high, driven by a large increase in the number of Bulgarian and Romanian citizens who have found employment here.

Financial Times: Akzo Nobel, the Dutch paints group, has ended a bitter feud with its largest shareholder, Elliott Advisors, the aggressive US activist hedge fund, by agreeing to appoint three new directors to its board.

Financial Times: Donald Trump’s high-level business advisory groups have fallen apart after chief executives walked away in protest against the president’s failure to clearly denounce white supremacist violence in Charlottesville over the weekend.

Financial Times: PwC has been fined a record £5.1 million by the UK’s accounting watchdog for “extensive misconduct” relating to the audit of RSM Tenon, a professional services group put into administration in 2013.

Business and economics

Financial Times: Carlsberg has delivered profits ahead of expectations but investors fretted about warnings of a tougher second half of the year from the Danish brewer as well as a lack of revenue growth.

The Guardian: Bill Gates, the world’s richest man, has donated $4.6 billion (£3.6 billion) in the Microsoft founder’s biggest gift to charity since he set up the Bill & Melinda Gates Foundation.

Daily Mail: The threat of terrorism and a drop in the number of Britons taking holidays abroad led budget airline Monarch to post a crippling loss of nearly £300 million last year.

The Times: Higher costs have tarnished the latest figures from Hochschild Mining, reducing its first-half profits by a third.

The Times: Apple will seek to rival blockbuster shows such as Game of Thrones with a $1 billion production budget to make and buy television series and films.

The Times: British-based banks planning to relocate operations to another country in the European Union before Brexit have been warned that merely putting up a brass plate while keeping the managers in London would not be tolerated.

Financial Times: Profit growth at insurance company Admiral was held back by increases in personal injury payouts in the first half of the year after the government this year changed a key rate used to calculate them.

The Times: Angela Merkel insisted that German taxpayers were unlikely to have to pay out after Ryanair complained about a loan to keep Air Berlin going when it filed for bankruptcy protection.

The Times: A woman is to lead the board of a top American bank for the first time with the appointment of Elizabeth Duke, a former Federal Reserve official, as chairwoman of Wells Fargo.

Financial Times: Lookers, Britain’s largest motor dealership, has downgraded its outlook for UK car sales this year, warning that price rises and worries about Britain’s departure from the EU will harm consumer sentiment.

Financial Times: Three brokers have upgraded their ratings of Toshiba for the first time since its finances were plunged into crisis last year, and a growing number of event-driven hedge funds are placing their bets on a miracle escape.

The Times: More than 13,000 of the lowest paid workers will receive a combined total of £2 million in back pay after investigations by the taxman into companies that fail to pay the minimum wage.

Share tips, comment and bids

The Times: Elliott Advisors has upped the ante in its campaign for change at BHP Billiton, increasing its stake in the mining group to boost its shareholder rights.

The Times: A joint venture involving Amec Foster Wheeler and Interserve has landed a four-year maintenance contract worth up to £160 million at the Sellafield nuclear site in Cumbria.

Financial Times: Prudential has sold its US broker-dealer network for as much as $448 million to focus on “manufacturing” retirement products, days after the insurer announced a restructuring of its UK operations.

Financial Times (Lex): Tencent: the games and payments group could do much better in advertising revenue.

Financial Times (Lex): Elliott Advisors: European boards used to scoff at US hedge funds seeking reforms. Not any more.

Financial Times (Lex): Admiral: UK insurer’s overseas unit is over a decade old but a long way from profitability.

Financial Times (Lex): Tech bonds: fund managers had to open their minds with bond offerings from Tesla and Amazon.

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